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Mahindra to invest Rs 500 crore for EV plant in Chakan

Mahindra & Mahindra Ltd (M&M Ltd), a part of the $19 billion Mahindra Group, will make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs 500 crores in its electric vehicle (EV) project under the new EV Policy of the Government of Maharashtra.

The investment for EV and EV components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs 6,500 crores. This additional investment of Rs 500 crores will be utilised towards product development and capacity enhancement for electric vehicles and related components.

The MoU was signed by Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra, and Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd, in the presence of Devendra Fadnavis, Chief Minister, Government of Maharashtra and other dignitaries present at the Magnetic Maharashtra Conference in Mumbai.

Speaking on the occasion, Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd, said, "We are delighted to announce the next phase of our electric vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility. The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race.”

Dr Goenka added, “The Mahindra Group along with Mahindra Electric Mobility Limited (MEML) is at the forefront of promoting electric mobility which could result in a paradigm shift in the passenger commuting segment, considerably mitigating air pollution. I am sure that with this expansion, the Mahindra Group will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry, in time to come. We would like to showcase for the whole country the viability and benefits of EV through our EV project. This is the next step towards the journey of achieving Mahindra’s vision of the ‘Future of Mobility’ and encompasses the ‘5C’ framework of Clean, Convenient, Connected, Clever and Cost effective. We are thankful to the Government of Maharashtra for their continuous and unstinted support.”